Welcome to our 243nd issue of State of the Market, where we provide an overview of crypto market activity from October 17-23, 2025.
This week in crypto markets:
- Crypto markets remained volatile but in recovery mode, with BTC trading near $110K and sentiment improving on anticipation of easing U.S.–China tensions and softer inflation data.
- The U.S. Federal Reserve proposed “payments accounts,” limited-access accounts that could let select nonbank firms, including stablecoin issuers, access Fed payment services.
- T. Rowe Price filed for its first crypto ETF, an actively managed fund providing exposure to 5–15 cryptocurrencies including BTC, ETH, SOL, and XRP.
- J.P. Morgan announced plans to allow institutional clients to use BTC and ETH as collateral for loans, deepening its digital-asset operations.
- President Trump pardoned Binance founder Changpeng Zhao, clearing his 2023 money‑laundering conviction.
- Coinbase acquired on‑chain fundraising platform Echo for $375M, expanding into community‑based fundraising and tokenized capital markets.
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